What insurance should you have if you rent an apartment?

Your apartment is as much of a home as a house is. A renters policy (also called a tenants policy) is an inexpensive way to insure your belongings and your personal liability. It’s a type of homeowner’s insurance, just without coverage for the building itself. We offer coverage through a variety of companies, but often recommend Erie’s TenantCover policy. Erie’s TenantCover includes coverage for:

Personal property wherever it may be: furniture, clothes, electronics, etc. Coverage typically fire, theft, windstorm, and water damage among other perils. (Your landlord’s insurance does not cover your belongings, and usually the landlord is not responsible for loss or damage.)

Loss of use, which covers the additional living expenses you incur due to temporary relocation.

Personal liability for bodily injury, property damage or personal injury claims brought against you. This protects you if someone gets hurt at your apartment, but it also covers you for your personal activities elsewhere. For instance, you would be covered if you hurt someone playing softball, or if you hit a golf ball through a window.

Medical payments to others who are injured in an accident arising from your premises or personal activities.

The best news is that renter’s insurance is really inexpensive. A policy for someone just starting out is in the $100 range. You will also save on your auto insurance, typically 10%, if you put your renters coverage with the same company (which often offsets most of the cost of the renter’s coverage!).

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Albion Agencies, Inc. is a licensed insurance agent/broker only in the State of New York.

The information in this post is general in nature, and geared toward insurance conditions in Western New York. As always, you should speak with an insurance adviser to determine your specific insurance needs.